Gruvaktiebolaget Viscaria (VISC) Q2 2025 earnings summary

Executive summary

• All key permits, including the environmental permit, gained full legal force in April, enabling transition from planning to full implementation of the copper mine project in Kiruna.

• Feasibility study and resource update in May confirmed increased copper grades, expanded mineral resources, and strong project economics, with mine opening planned for 2027.

• Six new diamond drillholes totaling 7,132 m confirm extension at depth and along strike of the D Zone, supporting resource growth potential.

• Organization expanded with new board members, including industry veterans, and strong support from a solid investor base.

• SEK 400 million shareholder loan secured in June to support mine reopening and strategic initiatives.

Financial highlights

• Capitalized expenses for exploration and evaluation assets were SEK 65 million for the quarter and SEK 149 million in H1 2025, reflecting a shift from exploration to construction.

• Operating profit was minus SEK 17 million and net profit minus SEK 22 million for the quarter; H1 2025 profit after tax was SEK -39.5 million.

• Cash and cash equivalents at June 30, 2025, were SEK 340 million, up from SEK 232 million at year-end 2024.

• SEK 140 million drawn from shareholder loans during the quarter; SEK 400 million shareholder loan secured in June.

• Project is subject to a 0.2% ROM mineral royalty, up to 1.0% NSR royalty (capped at $12M), and a rehabilitation bond of 344 MSEK, with 60.6 MSEK deposited.

Outlook and guidance

• Targeting a midterm resource of 140–160 million tonnes, supported by ongoing exploration and recent drill results.

• First production blast planned for September–October next year, pending dewatering and rehabilitation.

• Board expects to use up to 60% long-term interest-bearing debt for future mine and plant financing.

• Copper prices are high and projected to remain strong, supporting renewed economic interest.

• Financing updates expected throughout autumn, with leverage ratio negotiations trending closer to 60%.